$88,000,000 Listing

New York-based financier Sandy Weill has already “reached an agreement with an unnamed buyer” to purchase his posh and exceedingly pricey penthouse at 15 Central Park West in New York City.

You’ll recall that Mister and Missus Weill heaved and hoed their Robert A.M. Stern-designed and Mica Ertegun-decorated 6,744 square foot penthouse with its 2,000 square foot-plus wrap around terrace on to the market a few weeks ago with a ball-busting $88,000,000 asking price. Although an agreement has (allegedly) been reached, the as yet unidentified buyer has yet to sign the proper purchase contracts, according to the New York Post, and “appears to be foreign.”

Mister Weill, the former CEO and chairman of Citigroup, has pledged to donate the proceeds of the sale to as yet unidentified charitable organizations.

14 Comments

Thanks
December 1, 2011

I read the MSM story earlier today and knew I’d recently seen the pics of that pad but couldn’t quite remember where, now I know…

If they get the benefits of its use, but pay nothing for its cost, the imputed benefit should normally be taxed.

For example, if my wholly-controlled “charitable organization” that is also a “non profit” offers me free and exclusive use of a penthouse in New York City… yeah, that’s crooked. I don’t get taxed on the value unless the IRS catches me.

Saying something is charitable does not make it so. I think that’s what’s being assumed here.

Chuck

dd
December 2, 2011

Chuck Ponzi

Here…here!

Bending the tax rules seems to have become a national “sport” — agree completely with your take on this. Examples like this property and the financial “scheme” being used with it only give fuel to the OWS movement.

clearfund
December 2, 2011

#6 & #7 – You are using the word “scheme” and slighting the owner of the property w/o a single shred of proof that he is doing anything even remotely close the your insinuations/accusations.

Nowhere did it say he had the unit in a personal charity and was using it for his benefit then trying to avoid taxes.

Focus on available facts, not your predetermined outcome of the facts to fit your desires.

dd
December 2, 2011

#8

Take off your rose-colored glasses…there is no evidence that the penthouse was used for anything but a gain for the owner — with the added bonus of a tax dodge (of course, “using the rules in place…”).

Sorry, but I didn’t use “scheme” in my post, and I don’t agree with dd that this is what is happening here. There are plenty of abuses in finance, but there is no proof that this is one.

My apologies if I didn’t properly convey that I was trying to interpret what Peter and Francois had apparently joked about above. Sorry, the lighthearted voice doesn’t come through well on the internet.

I didn’t realize you would take it so seriously, and will refrain when in your company in the future.

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